Middle income earners in the Philippines will have lower income taxes this year

January 19, 2023January 16, 2023carlocarrasco

Recently, it was emphasized that middle income earners here in the Philippines will have lower income taxes to pay in accordance to the Tax Reform for Acceleration and Inclusion (TRAIN) law (Republic Act Number 10963) which will result in better take-home pay this year, according to a news article published by the Philippine News Agency (PNA). This is related to what was reported weeks ago by GMA Network news.

To put things in perspective, posted below is the excerpt from the PNA news report. Some parts in boldface…

Middle-income earners will have lower income taxes this year and thus, higher take-home pay, under Republic Act No 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law.

Taxpayers earning more than PHP250,000 a year but not over PHP8 million will be subject to lower income tax rates ranging from 15 percent to 30 percent, from the previous 20 percent to 32 percent.

Those with annual taxable income of PHP250,000 or below will continue to be exempt from paying income taxes.

“Inaasahan natin na lalo pang lalakas ang domestic consumption na may malaking kontribusyon sa paglago ng ating ekonomiya. Dahil sa pinababang buwis, mas mataas ang take-home pay ng mga empleyado na magiging malaking tulong sa gitna ng mataas na presyo ng mga bilihin (We expect a stronger domestic consumption which will be big contribution to our economy. With lower tax and higher take-home pay, this will be a good help amid the rising prices of commodities),” Senator Sherwin Gatchalian said in a statement on Monday.

Gatchalian cited the Teacher 1 post, with a monthly salary of PHP25,439 or Salary Grade (SG) 11, will now have monthly tax savings of PHP420.83 or PHP5,050 for the year.

A Nurse III with SG 17 or an entry level monthly income of PHP43,030 will save PHP1,289.13 monthly or PHP15,469 yearly.

“Dahil sa mas mataas ang kanilang kita, inaasahan din natin na magiging maganda itong insentibo para sa mga empleyado na lalo pa nilang paghusayan ang kanilang trabaho at magtulak sa kanila para mag impok o kaya ay mamuhunan (Because of a higher take-home pay, workers will be inspired to work better, save and invest), Gatchalian said.

Also included in the TRAIN law are provisions for small and micro self-employed professionals, who now have the option to pay a simpler, flat tax of eight percent on gross sales in lieu of the income and percentage tax.

Taxpayers can save time falling in line and filing and paying from eight times a year will be reduced to just four.

Estate tax will also be lowered from 20 percent to a single rate of six percent for net estate with standard deduction of PHP5 million as well as exemption for the first PHP10 million for the family home.

Let me end this piece by asking you readers: What is your reaction to this new development? Are you qualified for a reduction of income taxes under the TRAIN Law? Have you consulted with a certified tax expert already?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco/.

I Love Israel: Israel’s OurCrowd and Philippine investment firm establish partnership

July 29, 2022July 27, 2022carlocarrasco

If you are looking for breakthroughs within Israel-Philippine ties related to business or economics, be delighted over the news that an Israeli firm partnered with a local firm that will create opportunities for growth with regards to investing, according to a Manila Standard news report.

To put things in perspective, posted below is an excerpt from the Manila Standard report. Some parts in boldface…

OurCrowd, Israel’s most active venture platform, and Einhorn Resources Inc, a Philippine investment firm, today announced a partnership that will provide Einhorn clients direct access to OurCrowd’s exclusive investments and mentorships to facilitate growth of Philippine startups.

The partnership was signed in Tel Aviv, Israel, between Dan Bennett, OurCrowd’s General Partner & Managing Director of Australia and Asia, and Jean Henri Lhuillier, Einhorn Resources Inc. CEO.

“This new partnership is an exciting opportunity to extend our pipeline into the vibrant investment community in the Philippines and to help nurture its startup ecosystem,” said Dan Bennett. “Einhorn Resources’ deep knowledge of the Philippine investment landscape will be instrumental to bringing our top-tier technology talent to that part of the world.

“Not only are we raising money for these opportunities both in Israel, the US and beyond, but this is an important opportunity for corporates and family offices to invest from the Philippines and to attract technology that will benefit their core business.”

This collaboration, the first of its kind in the Philippines, provides Einhorn clients direct access to one of the world’s leading online venture platforms. OurWorld currently has $1.9 billion in commitments and has deployed capital to more than 347 portfolio companies and 39 funds in five continents. It also has 200,000 registered members from 195 countries which it allows to participate in vetted and early-stage firms and funds.

Currently, plans are being made to set up a regional incubator that will give growth opportunities to Philippine startups looking for Israeli tech expertise.

“We are excited to work with OurCrowd to pave the way for stronger ties for investment opportunities, traditional companies and tech solution collaborations,” said Jean Henri Lhuillier. “The partnership aims to open the funnel to a Philippine network of investors who can choose relevant companies to invest in as well as customize an online portfolio.”

Indeed, the OurCrowd-Einhorn partnership is a very welcome development and its impact will be felt in the years to come. Both the Philippines and Israel endured hardships related to the COVID-19 crisis over the past few years but there are efforts to not only recover economically and socially, but also emerge stronger from the pandemic. The economy of the Philippines is growing but more opportunities related to investing are needed and this is where the OurCrowd-Einhorn partnership comes in. To the local entrepreneurs reading this, please pay close attention to the above excerpt and start considering looking to Israel for opportunities and innovations in business. This partnership is truly a blessing from the Lord for both Israel and the Philippines!

If you truly believe in Lord Jesus, the Holy Spirit and God the Heavenly Father wholeheartedly and you continue to be faithful (not religious), you should be aware that Christians are meant to stand united with Israel, love the Jewish people and pray for the peace of Jerusalem. You can do your part supporting Israel by donating to Christians United for Israel (CUFI). Do not forget to read the Holy Bible, then pray in tongues to the Lord in the privacy of your room with the door shut.

Always be the fearless and aggressive church of Lord Jesus! Always stand in support of Israel and pray for President Marcos and all the other government officials who recently took office. Pray also for Israel constantly.

In ending this I Love Israel piece, posted below are Israel-related videos for your viewing pleasure and enlightenment.

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I Love Israel: Israel and the Philippines sign business agreement

June 13, 2022June 8, 2022carlocarrasco

The relationship between Israel and the Philippines moved forward some more as they recently signed a major agreement related to investments and economic cooperation, according to a news report by The Jerusalem Post.

To put things in perspective, posted below is the excerpt from report of The Jerusalem Post news report. Some parts in boldface…

Finance Minister Avigdor Liberman and Filipino Secretary of Trade and Industry Ramon Lopez signed an agreement on Tuesday that encourages and protects investments between Israel and the Philippines.

The trade deal

The deal aims to create an investment environment that encourages economic activity by providing a basket of commitments to investors from both Israel and the Philippines. It is expected to provide security and stability to foreign investors and encourage capital movements between the two countries. It covers regulatory issues, prevention of expropriation of assets, free flow of capital and advanced protection mechanisms for the rights of foreign investors in the host country.

“The investment protection agreement signed will help develop economic ties between the countries,” Liberman said. “The commitment between the countries to encourage mutual investment and provide optimal conditions for investors will strengthen existing economic activity and enable new opportunities for the private sector in both countries.”

The Philippines’ economy has grown significantly in the last decade, averaging about 6.4% annually from 2010-2019, according to the World Bank.

Following the coronavirus pandemic, the Philippines managed to bounce back from a 35% decline in global investment flow in 2020, increasing its incoming investment almost 30% this year.

“The high growth in the Philippines over the last decade and the increase in investment flows to it, together with the agreement signed, will strengthen economic cooperation and increase investment between the countries,” said Shira Greenberg, the Finance Ministry’s chief economist.

“The Philippines is a major partner in significant Asia-Pacific regional trade agreements, and in conjunction with the investment agreement signed today, it will open up new opportunities for Israeli companies and investors operating in these markets,” she said.

In recent times, the initial batch of Filipino hotel workers were sent to Israel to help its hospitality/tourism industry. Already the State of Israel is looking forward to stronger bilateral ties with the Philippines under the incoming administration of new President Ferdinand “Bongbong” Marcos. Marcos, who had met Israeli Ambassador Ilan Fluss, will formally take office on June 30, 2022.

As for this most recent development between the Republic of the Philippines and the State of Israel, the agreement can lead to a new wave of investments and even business innovation between them. Both nations have their own populations of not just trained workers but also entrepreneurs and investors (both individuals and organizations) who can visit the other nation for fresh opportunities to progress and prosper. Israel itself has an enduring record of being a hot spot for business innovation and startups. As such, the protection of investments between Israel and the Philippines is indeed crucial. This newest development is something we can all be thankful to the Lord for.

Always be the fearless and aggressive church of Lord Jesus! Always stand in support of Israel!

In ending this I Love Israel piece, posted below are Israel-related videos plus Philippine news videos for your viewing pleasure and enlightenment.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco/

COVID-19 Crisis: Las Piñas City Mayor Imelda Aguilar says herd immunity is within reach

October 9, 2021October 8, 2021carlocarrasco

Recently, the Manila Bulletin reported that Las Piñas City Mayor Imelda Aguilar confirmed to them that herd immunity against COVID-19 is within reach based on their latest statistics. Aguilar, who is running for a 3^rd and final term as mayor and was honored recently, wishes that Christmas this year will be joyful and asked her constituents to get vaccinated so that herd immunity will be achieved in the city. The City Government can be reached through its COVID-19 hotline numbers.

To put things in perspective, posted below is an excerpt from the very short Manila Bulletin news report. Some parts in boldface…

Las Pinas City Mayor Imelda Aguilar announced on Thursday (October 7) that the city is now nearing herd immunity with less than 14 percent left of the total population that are unvaccinated.

Aguilar said a total of 97 percent of the city’s target population of 447,086 had already been inoculated with COVID-19 vaccines for the first dose while 86.3 percent were fully vaccinated.

“Sana ay maging masaya ang darating na Pasko ng mga Las Piñeros kaya nanawagan ako sa lahat na magpabakuna kahit ano mang brand ng bakuna laban sa COVID-19 upang ating makamit ang tinatawag na herd immunity ng ating siyudad ngayong Kapaskuhan,”(We want Christmas to be a joyful occasion this is why I am asking all Las Pineros to get vaccinated with any brand against COVID-19 to achieve herd immunity) Aguilar said.

The mayor also said that while the city government is slowly opening up the economy, she will invite more investors to generate more job opportunities for Las Piñeros.

Inspired by the legacy left behind by her late husband, former Mayor Vergel “Nene” Aguilar, she said free education for the youth in the city will continue with the construction of the new building for the College of Engineering at the Dr. Filemon C. Aguilar Memorial College (DFCAM).

Any Las Piñas resident who has yet to get registered for the free COVID-19 vaccines can learn the ways (4 methods) by clicking here. Anyone who is ready and willing to register online can click bit.ly/LasPiñasVaccination

Meanwhile, the City Government formally launched the online registration for COVID-19 vaccination for local minors (aged 12 to 17) which can be done at http://laspinascityonline.laspinascity.gov.ph/eCVRS/

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, would you know if there are still a lot of people in your local community who remain unvaccinated or even unregistered for the free COVID-19 vaccines? Are the people in your local community aware that the city is getting close to achieving herd immunity? Does Mayor Aguilar’s plan to invite more investors to generate new jobs in the city inspire you?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

COVID-19 Crisis: Online stockbroker predicts PSE index to reach 8,100 level by the end of 2021

August 5, 2021August 3, 2021carlocarrasco

With the enhanced community quarantine (ECQ) all set to take effect all over Metro Manila for two weeks starting August 6, a lot of people are disturbed about what lies ahead. For one thing, there is the highly infectious Delta variant spreading nationwide. There is also the potential economic damage and the effects ECQ will have on many workers.

And then there is the local stock exchange. While many investors are constantly looking on different directions and varied factors to decide what to do with their respective investments, the COL Financial Group recently revised its end-of-the-year estimate for the Philippine Stock Exchange (PSE) but their new prediction still points to a higher count than what the current index shows.

To put things in perspective, posted below is an excerpt from the Philippine News Agency (PNA) article. Some parts in boldface…

Online stockbroker COL Financial Group expects the Philippine Stock Exchange index (PSEi) to end the year at 8,100, slightly lower than previously projected, supported by optimism for faster economic recovery and earnings growth.

COL chief equity strategist April Lynn Tan said their forecast for PSEi has been reduced from 8,300 considering the lower earnings incurred by property companies as their mall operations are affected most by the implementation of enhanced community quarantine (ECQ).

The National Capital Region (NCR) will be placed under the most restrictive ECQ from Aug. 6 to 20 to prevent the spread of the more infectious Delta coronavirus variant.

This, after the one implemented from May 17 to April 13, 2021 to stem the country’s coronavirus disease 2019 (Covid-19) surge.

“We cut our earnings forecast and fair value estimates for the property companies given that they are part of a lot of the big holding companies that also dragged our fair value estimates. (But) an 8,100 target is still significantly higher from where we are today. That is why, we keep on saying that the negatives are priced in,” Tan said in a virtual press briefing Monday.

She said companies are “coping well” with the pandemic, adding that almost all sectors, except the property sector, reported higher year-on-year earnings.

“The reason why companies were able to deliver higher profits in the first quarter of this year compared to last year even though we are still in the pandemic is because they have adapted to the pandemic scenario by cutting cost and of course they also benefited from the lower tax rate, thanks to the CREATE (Corporate Recovery and Tax Incentives) law,” Tan said.

President Rodrigo Duterte last March 26 signed into law the CREATE Act reducing the corporate income tax rate by 5 to 10 percent for micro, small and medium enterprises (MSMEs) and other corporations.

Moreover, Tan said they remain bullish of the stock market on the back of efficient vaccination efforts and inflation reaching its peak.

Predicting the future is very unpredictable no matter what category gets discussed. Remember when the International Olympic Committee (IOC) predicted a brighter post-Olympics future for the city of Rio de Janeiro in relation to hosting the 2016 Summer Olympic Games? What happened after Rio Olympics were lots of unfulfilled promises, deteriorating facilities and a lot of embarrassment.

Going back to Philippine stocks, the COL Financial Group showed lots of details in their explanations of their 8,100 index end-of-2021 prediction. They were right to point to the CREATE Law which itself was a factor in the spike of foreign direct investments (FDI) in the country last April. The CREATE Law effectively reduced the corporate income tax rates for micro, small and medium enterprises (MSMEs). From this point on, it is interesting to see how the CREATE Law will impact the national economy and the local stock exchange in the months to come.

Let me end this piece by asking you readers: If you are an investor, what can you say about COL Financial Group’s end-of-the-year prediction for the Philippine Stock Exchange? Are you confident that the economic stakeholders, the businesses and investors will emerge stronger starting with the end of the next ECQ period until the end of the year? Is the CREATE Law positively impacting your business and/or investments?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Muntinlupa City Government Praised for Business Friendliness

July 20, 2019carlocarrasco

Muntinlupa City Government Praised for Business Friendliness

During a consultation meeting and presentation of local medium and long-term development plans held at Vivere Hotel, Filinvest City, Alabang in Muntinlupa City, the members of the business community lauded the local initiatives of City Government of Muntinlupa.

IT and Business Process Association of the Philippines Executive Director for External Affairs and Investor Relations Nicki Agcaoili praised Muntinlupa LGU for facilitating a “business-friendly environment” in the city.

“Among other LGUs in the region, Muntinlupa City is the easiest to transact with,” Agcaoili said during the July 12 event.

Agcaoili also noted how they have achieved and exceeded targets after locating in the city.

Mayor Jaime R. Fresnedi expressed his thanks to business executives who attended the consultation meeting and vowed to strengthen partnership with them. This was affirmed by City Councilor Raul Corro who expressed the City Council’s commitment to address the business sector’s needs through local legislation.

For their part, City Government officials presented the projects to be implemented over next three years. Private sector execs expressed their feedback in a focus group discussion.

The consultation meeting was facilitated by the Business Permits and Licensing Office and the Local Economic and Investments Promotions Office.

In 2017 and 2018, the Philippine Chamber of Commerce and Industry hailed Muntinlupa City as the Most Business-Friendly LGU in the country. This established the city as the standout city for business in South Metro Manila.

A pioneer in the EODB Act, the City of Muntinlupa is the first local government unit (LGU) to introduce the Single Window Transaction – Modified Business One-Stop Shop, a single-interface business-registration process in which a business permit registration application can be finished in up to 15 minutes only.

MSME development is also a priority in the city through the Tulong Negosyo program (formerly Dagdag Puhunan program) which offers zero-percent interest loan assistance from 2,000 to 150,000 pesos.

On top of financial assistance, the local government provides coaching and mentoring sessions to budding entrepreneurs which include business legal management, accounting for non-accountants, and financial management, among others.

The City Government organizes business forums to determine the business sector’s inputs and feedback on development agendas. This in turn helps the City Government address their needs.

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Muntinlupa City Seen To Benefit From DTI-BOI Investment Promotion

April 17, 2019May 9, 2019carlocarrasco

041619 — The local government of Muntinlupa entered a partnership with the Department of Trade and Industry – Board of Investments in boosting Muntinlupa City as an investment destination. DTI Undersecretary and BOI Managing Head Ceferino Rodolfo signed a memorandum of agreement with Muntinlupa Mayor Jaime Fresnedi for the investment promotion endeavor at Muntinlupa City Hall, Putatan last April 16. Also witnessing the signing ceremony were DTI-BOI Investments Assistance Service Director Atty. Bobby Fondevilla, Muntinlupa City Administrator Engr. Allan Cachuela, Philippine Chamber of Commerce and Industry – Muntinlupa President Elvie Sanchez-Quiazon, and other local officials. (from Muntinlupa PIO press release)

The City Government of Muntinlupa continues to move forward and gain recognition for governance, cooperation and a continued business-friendly approach. For those who are unaware, Muntinlupa was named as the Most Business-Friendly City in 2017 and 2018 and judging from the other kinds of awards it won these past years it proved to be a highly competitive city nationwide.

Very recently I received a press release from the Muntinlupa Public Information Office (Muntinlupa PIO) in which the City Government (led by incumbent Mayor Jaime Fresnedi) announced that it has sealed a partnership with the Department of Trade and Industry – Board of Investments (DTI-BOI).

What’s the partnership about? Specifically the DTI-BOI will promote the city as an investment destination. Already DTI Undersecretary and BOI Managing Head Ceferino Rodolfo signed a memorandum of agreement (MOA) with Muntinlupa Mayor Jaime Fresnedi for the investment promotion endeavor at Muntinlupa City Hall on April 16.

What does this mean? It means the DTI-BOI will assist in boosting Muntinlupa City as an investment destination by providing relevant information on available incentives to potential local and foreign investors.

The investment board shall also provide assistance in the implementation of policies geared towards improvement of processes in starting a business. BOI aims to create an environment conducive to the expansion of existing investments or attracting prospective investments in the city. Further, the board will also conduct a mentoring program for the City Government’s frontline personnel.

During the MOA signing ceremony, Usec. Rodolfo lauded local initiatives and ease of doing business in Muntinlupa City. The BOI exec recognized some innovations facilitated by the City Government and its assistance in Micro, Small, Medium, and Large Enterprises and locators in Muntinlupa. He also stated that Muntinlupa City is a business destination for high-value investments.

The mayor expressed his thanks to BOI for its assistance and said that the partnership will ripple to significant employment opportunities and the continuous development of local economy.

The way it is right now, Muntinlupa has arguably the most modern business and commercial zones in South Metro Manila. Already many companies have set up offices or corporate headquarters in Filinvest City, Madrigal Business Park, and Northgate Cyberzone in the Alabang area. When it comes to travel, the local connection to the Metro Manila Skyway is a big boost to the city as it allowed countless motorists to travel faster to and from Makati, Manila, Pasay City and the airports.

Things continue to look bright for Muntinlupa.

Thank you for reading. If you find this news article engaging, please click the like button below and also please consider sharing this article to others. Also my fantasy book The World of Havenor is still available in paperback and e-book format. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me as well. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me at HavenorFantasy@twitter.com

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Muntinlupa City Government Praised for Business Friendliness

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